On Tuesday, the 6th of August 2019, earlier on Asian trading hours, worsening global trade outlooks further, Chinese Commerce Ministry had issued a public statement saying that Chinese companies were ordered not to place new orders for US farm goods, triggering another tormenting blow to US farmers, a majority of which had already abandoned their generations of farming business amid a withering slump on their agricultural goods’ exports over past twelve months.
In point of fact, latest decision of Chinese ministry commerce came forth a few days after US President Donald Trump had erratically hiked tariffs on $300 billion worth of Chinese imports by last Thursday (August 1st), adding that he might impose much-higher tariffs on Chinese imports.
Followed by Trump’s Friday’s (August 2nd) tweets, China had pledged to retaliate on Saturday (August 3rd), adding that Beijing would not be blackmailed by Washington. More critically, following Beijing’s latest warning over the weekend, China had deployed multiple financial cannonballs to counter United States’ higher tariff including devaluing its currency further above 7 per US dollar for the first time in more than a decade and imposing a sweeping sanction on US farm goods aimed at preventing Chinese companies to purchase US farm goods.
Besides, followed by Tuesday’s (August 5th) China move, which would likely to stroke a fatal blow to US President Donald Trump alongside his fellow Republican’s vote-bank among US farmers, Chinese Ministry of Commerce had been quoted saying that despite Tuesday’s perturbing ban on US farm goods, China hoped United States would be keeping its promise to continue negotiations to “create necessary conditions” for bilateral cooperation on trade.